The Internet of Things (IoT) is a key technology for business, which can be seen by the number of current programs and business initiatives related to it. The IoT has helped improve industrial output. IoT systems have been used to create production dashboards that use real-time data from sensors and then integrate this information with enterprise systems, enabling managers to continuously improve operational efficiency.

Compliance and risk

The IoT can enhance compliance processes by sensing and reporting a wide variety of conditions: temperature, humidity, air pressure, smoke, proximity, light, radiation, toxic gases, weight, speed, momentum, orientation, electromagnetism, vibration, sonic levels, speech and much more.As conditions move dangerously close to non-compliance, automated remedies, alerts, alarms, and escalations can be triggered. Proper logging and reporting of events can also be enabled.

This week, the newly created White House American Technology Council convened a series of policy discussions on the emerging Internet of Things (IoT),

The news is a welcome and timely development, given the breakneck speed at which IoT technologies are progressing – from driverless cars to remote surgeries, to 21st Century Smart Cities. In the not-so-distant future, the IoT could be integrated into essentially every aspect of consumers’ daily lives.

But there’s a serious threat lurking to IoT advancements: fair access to essential technology standards – which are included in many consumer products like refrigerators, smartphones, and TVs – so that all innovators have a chance to participate in this technological revolution. The promise of the IoT is predicated on the willingness of companies who control IoT technologies – and the Standards Essential Patents (SEPs) in these technologies – to share them with the world.

We are accustomed to the idea that the Internet has become ubiquitous in our homes and in objects that already contain electronic circuits. However, this idea hasn’t spread to other things that we find in our homes such as furniture, floors, and doors—at least not yet. By transforming household objects beyond pure utility and finding ways to connect them to each other and the Internet, we can uncover new opportunities to capture ambient information that can be analyzed and used to make decisions that can positively affect our daily lives.

As technology progresses, common objects such as lamps, kitchen counters and utensils can be used to monitor our surroundings while remaining fully integrated into our environments. The idea is to connect objects that we don’t think of as hi-tech gadgets.

Smart City is a concept frequently associated with the IoT. Among many other things, it will feature cars that not only drive themselves but also foresee and avoid traffic jams to ease congestion and save energy. Police will know about gunshots as soon as they happen, speeding first response and protecting public safety. Public buildings will constantly monitor and adjust heating and cooling levels, optimize energy consumption and keep people more comfortable.

In healthcare, providers and consumers will no longer be separated by geography. Specialists will be able to examine people from thousands of miles away and even perform surgical procedures using real-time robotic tools. Baby pajamas will be able to detect warning signs of Sudden Infant Death Syndrome and alert parents and 911 to the danger. That is not a pipedream. Sleepwear like that already exists.

The business applications, from marketing to manufacturing, are boundless. When the whole world is connected, companies that aren’t connected simply won’t be able to compete.

In addition, the IoT can also reduce risk across a wide variety of business processes. Applications for perimeter access control, avalanche early warning systems, fire detection, pollutant monitoring, leak detection, tampering detection, and many other risk reduction and avoidance systems are using IoT technologies.For example, today an IoT application controls backstage access to hundreds of sporting and entertainment venues across the United States through a network of past readers and access control devices.

Because of that, it’s essential that consumers demand fair business practices now to make sure that all the technology companies involved in creating the IoT work responsibly for the common good in the coming Internet of Everything world.

A universal system like SmartThings is designed to monitor, control and automate virtually anything that we find in our homes. By giving us access to a set of apps that interact with sensors, the system allows us control and monitor doors, windows, lights, fans, air conditioners, heaters, sprinklers, and more. The other original aspect of this cloud-based software is that it’s an open platform that lets communities of developers think of other useful ways to apply the system to consumer objects.

By utilizing IoT, companies can increase their efficiency and revolutionize the customer experience. Organizations that leverage IoT technology successfully and profitably, can take an important leap forward to become market leaders.